Conversion Right Triggered on Hertz's Convertible Senior Notes

Hertz Global Holdings HTZ today announced that the Company's $474,745,000 aggregate principal amount outstanding of 5.25% Convertible Senior Notes Due 2014 will continue to be convertible by holders of the Notes. This conversion right has been triggered because the Company's closing common stock price per share exceeded $10.77 for at least 20 trading days during the 30 consecutive trading day period ending on June 30, 2011. Based on this triggering event, the Notes will continue to be convertible until September 30, 2011. If conversion requests are received, the settlement of the Notes will be paid pursuant to the terms of the Indenture. The Company's policy has been and continues to be, to settle conversions of the Notes using a combination of cash and shares of the Company's common stock, with the cash portion being paid with a fixed dollar amount equal to $1,000 per $1,000 in principal amount on the Notes (assuming the conversion value is at least equal to the issue price of the Notes).